Barbara and Michael Jones have been married for 20 years. They are excited because over that time they have managed to save $340,000. Right now, the entire amount is spread out among four bank accounts. Unfortunately, Barbara and Michael are not making much interest on their savings. They know that they need to be proactive in making their money work for them. As such, they have decided to hire a financial professional to help manage their money in a more effective way. After searching the marketplace and interviewing several potential financial professionals, they have narrowed their choice to the following three individuals. Compensation method Quoted costs Average historical rate of return on similar accounts . Advisor 1 Commission 4% initial cost to purchase investments . 0.50% annual management fee beginning in second year 8.0% Use this information to answer the following questions. Advisor 2 fee Fee . 1% of assets under management as an annual 7.50% Advisor 3 . Fee + commission $7,500 first year planning fee 1% cost to purchase investments . 0.1% annual management fee beginning in second year 7.00% Calculate how much Barbara and Michael will pay in first-year expenses for each advisor. Advisor 1 $ Advisor 2 Advisor 3 $ $